You would like to have $75,000 in 15 years. To accumulate thisamount, you plan to deposit each year an equal sum in the bank,which will earn 8 % interest compound annually. Your first paymentwill be...

You would like to have $75,000 in 15 years. To accumulate this amount, you plan to
deposit each year an equal sum in the bank, which will earn 8 % interest compound
annually. Your first payment will be made at the end of the year.
a. How much must you deposit annually to accumulate this amount?
We can solve this by using Future value of annuity formula.
Future value of annuity = A x [(1+r)n – 1]/r
Here, future value of annuity = $75,000
A = annuity amount to be found = ?
r = interest rate = 8% (or) .08
And n = 15 years
Substituting in the above formula, we get:
75000 = A x [(1+.08)^15 – 1]/.08
75000 = A x 27.1521
A = 75000/27.1521  2762.22
Therefore I must...